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Bitcoin is very definition of a bubble: Credit Suisse CEO

Other bankers have also expressed scepticism about the currency

Jan-Henrik Förster | Bloomberg 

The speculation around bitcoin is the “very definition of a bubble,” Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said as the currency exceeded $7,000 for the first time. Bankers are steering clear of bitcoin out of concern that criminals could use its anonymity to hide their activities, he said on Thursday at a news conference in Zurich. “Most banks in the current state of regulation have little or no appetite to get involved in a currency which has such anti-money laundering challenges,” he said. “From what we can identify, the only reason ...

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First Published: Fri, November 03 2017. 02:01 IST